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FHA Loans

One of the most attractive mortgage types available.

FHA loans come with many benefits, including easy credit requirements, small down payments, and flexibility in the type of property you can buy. An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans. As of 2020, you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you'll need to make a down payment of only 3.5%). You'll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member or a grant for down-payment assistance.

About FHA Loans

  • FHA loans require a lower minimum down payments and credit scores than many conventional loans.
  • FHA loans are issued by approved banks and lending institutions, who will evaluate your qualifications for the loan.
  • FHA loans are federally backed mortgages designed for low-to-moderate-income borrowers who may have lower than average credit scores.
  • These loans come with certain restrictions and loan limits not found in conventional mortgages.

VA Loans

Serving those who protect us.

A VA loan is a mortgage loan that’s issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty service members, and widowed military spouses buy a home. VA loans were introduced as part of the GI Bill in 1944, but they’ve become increasingly popular in recent years. In the first quarter of 2019, 8% of home purchases were made with a VA loan.1 This type of loan is an attractive option because it’s pretty easy to qualify for and doesn’t require a down payment.

About VA Loans

  • No down payment.
  • No mortgage insurance.
  • No minimum credit score requirement.
  • No limit to the amount you can borrow on a VA loan, but there is a limit to the amount of liability the VA takes on.
  • Must be a veteran or active service member  of the U.S Military.

Jumbo Loans

Get the home of your dreams.

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $510,400 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

About Jumbo Loans

  • Ample Flexibility.
  • Low Down Payments.
  • Competitive Interest Rates.
  • Borrow more than you could with a conventional mortgage.

Conventional Loans

A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. However, some conventional mortgages can be guaranteed by two government-sponsored enterprises; the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

About Conventional Loans

  • No interest rate surprises.
  • Fewer hoops to jump through.
  • Refinancing options available.
  • The lowest fixed rate.

USDA Loans

The USDA Loan is a mortgage option available to some rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA). USDA Home Loans are particularly favorable to those living in rural or low-income areas. USDA Loans offer $0 money down, lenient eligibility requirements and competitive interest rates - due to the loan being guaranteed by the USDA. USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.

About USDA Loans

  • $0 Down, 100% Financing.
  • More Homes Now Qualify.
  • Lenient Requirements.
  • Competitive Rates.
COVID-19 News

We are following federal CDC guidelines with deep sanitization, masks, social distancing, and using virtual meetings where possible. In person meetings may be taken if requested. City Mortgage is deemed essential and will remain open. Stay Safe!

Victoria, TX
3606 B John Stockbauer Dr.
Victoria, TX 77904
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WMC-NMLS# 149648
Branch-NMLS# 8468685
© 2020 WestStar Mortgage Corporation DBA City Mortgage Group